Bitcoin Selloff, Altcoins Deeper, Will Bulls Buy the Dip?

Key Points:-

Bitcoin risks falling below $65,000, but lower levels may attract strong buying by bulls. HYPE, ZEC and XLM appear strong on the charts, while other major altcoins may resume their downward trend.

Bitcoin (BTC) is trying to break out of the $65,426 level, but the bulls are struggling to hold higher levels. Launch of US and Iran's new attacks It hurt sentiment, but Andriy Fawzan Adzima, head of research at the Bitrue Research Institute, told Cointelegraph that the decline was due to “rampant liquidity, heavy ETF flows and technical glitches, but it only widens the fear” rather than the Iran news.

All eyes turned to BTC's annual low of $60,000. Veteran trader Peter Brandt said in a post on X. BTC has formed an expanding triangle.Simple and reliable design. He added that it has dropped to $56,000 but that taking it above $75,000 would invalidate this bearish view.

Daily View of Crypto Market Data. Source: Trading view

The short-term trend has turned negative, but the bulls cannot give up without a fight. Buyers are expected to enter the $65,000 to $60,000 zone, but relief rallies can be sold. Volatility is likely to increase over the next few days as bulls and bears battle for dominance. To signal a short-term downside for BTC, buyers need to push the price above $77,000.

What are the critical support levels to look out for in BTC and the major altcoins? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price prediction

BTC fell after breaking below the support line on Tuesday, indicating aggressive liquidation of long positions.

BTC/USDT Daily Chart. Source: Cointelegraph/Trading view

There is support at $65,000, but that may not last. That clears the way for a move down to the $62,500 to $60,000 support zone. Buyers are expected to protect the zone with all their might, because closing below indicates the resumption of the downward trend. The BTC/USDT pair is at risk of falling to $50,000.

The bears will try to sell off the rally to the 20-day exponential moving average ($74,064). To signal a reversal, buyers must close above the 50-day simple moving average ($76,966).

Ether price prediction

ether (ETH) of the $1,916 to $2,465 range was resolved by Tuesday, indicating that the bears are in control.

ETH/USDT Daily Chart. Source: Cointelegraph/TradingView

The ETH/USDT pair is likely to dive into strong support at $1,750. An oversold level on the Relative Strength Index (RSI) suggests a possible rebound from $1,750, but rallies are likely to sell off. A shallow rebound adds the possibility of a break below the $1,750 level. If that happens, the price of ETH could drop to $1,550.

Buyers have an uphill task ahead of them. They should quickly push and hold above the 20-day EMA ($2,056) to signal that selling pressure is easing. The pair may then move higher towards the 50-day SMA ($2,218).

BNB price prediction

BNBBNB) fell below the $687 breakout level on Monday and extended the decline to the 50-day SMA ($645) on Tuesday.

BNB/USDT Daily Chart. Source: Cointelegraph/TradingView

A drop below $687 may have trapped aggressive bulls. The $628 level could serve as a temporary support but could be broken. If that happens, the BNB/USDT pair could drop to strong support at $570.

If the price of BNB rises significantly from the current level and breaks above $745, this negative view will be rejected in the near future. This indicates strong demand at lower levels. The pair will likely go for $790 and later $900.

XRP price prediction

XRP (XRP) broke below strong support at $1.27 on Tuesday, indicating that the bears are in charge.

XRP/USDT Daily Chart. Source: Cointelegraph/TradingView

The next support is the February 6th low of $1.11. Buyers are expected to strongly defend the $1.11 level.

On the way to the top, the downhill line is the first hurdle for the bulls to overcome. If they clear that, the XRP/USDT pair could rise to $1.61. Sellers are expected to mount a major challenge at the $1.61 level, but if the bulls win, a new bullish move could begin.

Solana price forecast

Solana (SOL) closed below the $76 support on Tuesday, indicating that the bears beat the bulls.

SOL/USDT Daily Chart. Source: Cointelegraph/TradingView

The bulls will try to restore the SOL price above $76, but it is expected that they will face strong resistance from the bears. If the price breaks below $76, the next stop would probably be the February 6 low of $67. Buyers will try to hold the $67 level, because in the near future the SOL/USDT pair may sink to $60.

Buyers should drive and hold the price above the moving average to signal that a break below $76 could be a bear trap.

High Liquidity Price Prediction

high fluid (Hype) is strong amid all the turbulence, which indicates that the bulls expect the growth to continue.

HYPE/USDT Daily Chart. Source: Cointelegraph/TradingView

Profit booking was seen around $75, but a shallow pullback suggests the bulls are viewing the dips as buying opportunities. If buyers push the HYPE price above $75, the rally could reach the $85-$89 zone.

The first support on the downside is $64, and then the breakout level is $59.41. If the HYPE/USDT pair recovers from $59.41, it suggests that the bulls have reversed the level to support. The buyers will try to continue the increase again.

Dogecoin price prediction

Dogecoin (Doug) entered support in the $0.09 to $0.12 range, with buyers expected to move in.

DOGE/USDT Daily Chart. Source: Cointelegraph/TradingView

If the price of DOGE changes from the current level, the bears will try to stop the recovery at the 20-day EMA ($0.10). If the price drops significantly below the 20-day EMA, the risk of a break below $0.09 increases. The DOGE/USDT pair may drop to $0.08.

If the price rises above the moving averages, this negative view is worthless in the near term. This suggests that the couple may extend their stay in the region for a few more days.

Related: Bitcoin 2022 Reversal ‘Almost Definitely' As Trader Sees Key Support Fall

Zcash price prediction

Zcash (ZEC) closed above the 20-day EMA ($568) on Tuesday, indicating buying at lower levels.

ZEC/USDT Daily Chart. Source: Cointelegraph/TradingView

The bulls should drive and keep the price of ZEC above $690 to signal a rebound. If they manage to do that, the ZEC/USDT pair could rally towards $750, with the bears expected to mount a strong resistance. However, if buyers overcome the barrier, the pair could rise to $856.

Sellers may have other plans. They try to attract value below the neckline with a developing head and shoulders pattern. A close below the neckline indicates that the pair has increased in the short term.

Cardano price prediction

Cardano (ADA) continued lower, falling below the $0.22 support on Tuesday, indicating a resumption of the downtrend.

ADA/USDT Daily Chart. Source: Cointelegraph/TradingView

The RSI has entered the oversold region, indicating the possibility of a near-term consolidation or relief rally. Any retracement is expected at $0.22 and then the 20-day EMA ($0.24). If the price of ADA breaks above the resistance above, the bears will try to pull the ADA/USDT pair towards $0.20.

Above the 50-day SMA ($0.25) buyers are back in the driver's seat. That saw the market reject the break below $0.22.

Star price forecast

stars (XLM) remained at its bull level on May 23 from $0.14 to $0.30 on May 30.

XLM/USDT Daily Chart. Source: Cointelegraph/TradingView

The rally prompted profit booking by short traders, pushing XLM price down to the 50% Fibonacci retracement level at $0.22. If the price rises from the current level, the bulls will try to push the XLM/USDT pair above $0.27 and then $0.30. If successful, the pair could rise to $0.35.

Contrary to this assumption, if the price declines and breaks below the 61.8% retracement level below $0.20, it suggests that the pair may break out in the near term.